Symmetrical Pullback Entry in USD/JPY
Continuing on with the idea that Tokyo wants the 120 stops that went completely unscathed in calendar year 2006, we are looking to get long on a symmetrical pullback to the .618 retracement level. I'm looking to get long between 118.95-119.05 with stops at 118.75. The initial target is double our risk at 119.50. If you book profits at 119.50, trail the stop to at least breakeven for the bumpy landing into 120.00. From there, it's anyone's guess.
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